Focus Stocks

Approaching Resistance: Titanium Metals

Published on Wednesday, 23 January 2013 06:40
Written by TradersHuddle Wire

New York, January 23rd (TradersHuddle.com) - Shares of Titanium Metals Corporation (NYSE:TIE) are trading
very close to calculated resistance at $16.67. The stock ended the trading session at just $16.50, which is near levels that make it difficult to buy or start a position.

Titanium Metals' stock range is defined by its calculated support defined at $11.30 and by the
resistance level at $16.67; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for Titanium Metals. However, as the stock pulls back towards $11.30 it
will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $16.67 then traders will get an opportunity to enter the stock as it moves to a higher range.